Following Russia’s invasion of Ukraine and the resulting sanctions imposed by the UK government and other countries, TheCityUK has terminated its Memorandum of Understanding (MoU) with the Moscow International Finance Centre (MIFC) and Forum Analytical Center.
The termination notice was served in collaboration with other EU financial centres including Luxembourg for Finance and Paris Europlace, who have also cancelled their respective MoUs.
The work that took place under TheCityUK’s MoU was delivered in collaboration with the UK government and its embassy in Moscow. The agreement sought to support the development of Moscow as an international financial centre, with particular focus on enhancing cross-border collaboration and encouraging joint initiatives and improving standards in corporate governance. Under the current circumstances, such ambitions are no longer currently possible or appropriate.
TheCityUK will continue to work closely with its members, and with government and other international authorities and partners around the world, to fulfil the obligations on the business community in its interactions with Russia. Where governments do decide to impose sanctions, we urge that they are multilateral, given the force of law, and kept under review as circumstances evolve.